Yunnan Issues 26.83B Yuan in Local Government Bonds

The split between general and special tranches matters less here than the demand signal: the 10-year cleared with a 1.50x cover while the 7-year scraped by at 1.03x, a gap that suggests investors were reaching for the longer tenor rather than the shorter one. That divergence, not the headline total, is the tell on how the market is pricing provincial credit and duration risk. Whether the weak 7-year cover reflects tenor preference or broader appetite for Yunnan paper is the open question.